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Chinese Yuan Rises to 19-Year High

Currency gains on speculation China will provide more stimulus.

By Kyoungwha Kim and Fion Li | Updated on September 28, 2012

The yuan climbed to a 19-year high on speculation China will step up efforts to arrest a seven-quarter slowdown in the world’s second-largest economy.

The currency had its biggest gain in six months after the People’s Bank of China strengthened its reference rate today by the most since Aug. 22. The central bank injected a record amount of funds into the financial system this week to address a cash squeeze ahead of a weeklong holiday that starts Oct. 1. The Shanghai Composite Index jumped 4.1 percent in the past two days, buoyed by a report suggesting policy makers plan to unveil measures to support Chinese stocks.

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